Franklin Street, a commercial real estate firm with an office in Atlanta, has arranged the $4.1 million sale of The Shops at Eagle Pointe, located at 2990 Eagle Drive in Woodstock, according to a news release.
John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, Alpha Opportunity Fund I, LLC of Indianapolis. The buyer was D2D Holdings Inc., who plan to hold the asset for long-term investment.
Justin Berryman, director of retail leasing for Franklin Street, was “successful in fully leasing the asset for Sandor Development before taking the project to market,” the news release states. The 26,960-square-foot retail strip center across the street from Etowah High School has a mix of tenants including a gym, dry cleaner, doctor and restaurants, with several new leases recently signed.
“We’re pleased that two Franklin Street business lines were able to serve this client through the leasing and sale of the asset,” said Belk, senior director of investment sales at Franklin Street. “With the recent leases signed, including rent bumps to provide future growth to the NOI, and limited tenant rollover, the buyer will certainly achieve a strong cash return in a growing market, Woodstock, which has doubled in size over the past 10 years.”
Franklin Street Public Relations Coordinator Daniel Jimenez said the shopping center was originally built in 2000 and the sale took six months to complete. Current tenants include GameDay, Fresh Grill, Volcano Steak and Sushi, Marietta Eye Clinic, Fashion Ten, L’Amour Nails and Fabric Touch Cleaners, he said.
“Several tenants have signed new leases or have renegotiated new leases (with the new buyer),” he said.